Houthi Strike on Saudi Tanker Sends Oil Prices Soaring Again

Oil prices have risen after a missile strike on a Saudi oil tanker by Yemen's Iran-backed Houthi militants, casting doubt on hopes for a near-term easing of tensions in the Middle East.

The attack has led to a rebound in Brent crude prices, which rose 0.76% to $80.12 per barrel, while U.S. West Texas Intermediate (WTI) crude gained 0.1% to $75.8 per barrel.

Markets had turned sharply lower earlier this week after optimism grew that diplomatic efforts could lead to the reopening of key shipping routes through the Strait of Hormuz.

The Treasury Secretary Scott Bessent had said an agreement to secure commercial navigation through the strait could be reached soon, but the latest attack has cast doubt on those expectations.